SB Platinum – Savings Bank Platinum Account with Sweep facility

·   Non Individual – Institutions and Corporates. This facility will be provided to Firms, Companies, Trusts, Institutions etc. who are eligible to maintain SB Accounts

·  A Minimum average Balance of Rs. 25,000/- (total products of                       7,50,000 per month i.e. 30 days X Rs.25,000/-) and a threshold minimum of Rs.50,000- for transferring to Term Deposit. (i.e. Sweep would be effected only when the balance exceeds Rs.50,000/-)

For Non-individuals:

·   Threshold limit/Minimum Amount: Rs. 10,00,000/- . Sweep shall take place after the cut off level of Rs. 10,00,000/-.

·  If the average monthly minimum balance in the Savings Bank Account falls below Rs.25,000/-, i.e. if the total products are less than 7,50,000 in a month, a penalty of Rs.120/- per month inclusive of Service Tax will be levied.

For Non-individuals:

·  If the average minimum balance in the Current Account falls below Rs.1,00,000/-, i.e. if the total products are less than 90,00,000 in a quarter, a penalty of Rs.120/- per month inclusive of Service Tax will be levied.

Online NEFT/RTGS free.

Non-individual: Free

Sweep Amount & Reverse Sweep

·   In multiple amounts of Rs.10,000/- over and above the cut off limit of Rs.50,000/- on Sundays or at the option of the customer.

·   Reverse Sweep will be on “Last in First out” (LIFO) basis.

For Non-individuals:

Sweep Amount & Reverse Sweep

·       In multiple amounts of Rs.100,000/- over and above the cut off limit.
Reverse Sweep will be on “Last in First out” (LIFO)basis.

·         Frequency is on Sunday or at the option of the customer.

·         Sweep facility is being offered for STD & MMD Category                  Term Deposits product where STD products are available                for tenor ranging 7 days -180 days and MMD Products are              available for tenor ranging 181 days to 1 year.